Lok Sabha passed the Finance Bill 2020 without discussion

The Lok Sabha has passed the Finance Bill by voice vote without discussion, amid ruckus in the House with opposition parties seeking a fiscal stimulus package in the wake of the Coronavirus outbreak. In the Union Budget 2020-2021, the government proposed to spend Rs 30,42,230 crore in the next financial year, 12.7% higher than the revised estimate of 2019-20.

Daily Current Affairs Quiz 2020

The government has assumed a nominal Gross Domestic Product (GDP) growth rate of 10% in 2020-21, versus the nominal growth estimate at 12% for 2019-20. It expects that receipts will increase by 16.3% to Rs 22,45,893 crore, owing to higher estimated revenue from divestment. The proposal for taxing dividends in the hands of shareholders by abolishing the dividend distribution tax (DDT) was also passed.